ANNUAL REPORT
September 30, 2022
Biotech ETF BBH
Digital Assets Mining ETF DAM
Digital Transformation ETF DAPP
Energy Income ETF EINC
Environmental Services ETF EVX
Gaming ETF BJK
Pharmaceutical ETF PPH
Retail ETF RTH
Semiconductor ETF SMH
Video Gaming and eSports ETF ESPO
     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
Biotech ETF 7
Digital Assets Mining ETF 8
Digital Transformation ETF 9
Energy Income ETF 10
Environmental Services ETF 11
Gaming ETF 12
Pharmaceutical ETF 13
Retail ETF 14
Semiconductor ETF 15
Video Gaming and eSports ETF 16
About Fund Performance 17
Explanation of Expenses 18
Schedule of Investments  
Biotech ETF 20
Digital Assets Mining ETF 21
Digital Transformation ETF 23
Energy Income ETF 25
Environmental Services ETF 26
Gaming ETF 27
Pharmaceutical ETF 29
Retail ETF 30
Semiconductor ETF 31
Video Gaming and eSports ETF 32
Statements of Assets and Liabilities 34
Statements of Operations 37
Statements of Changes in Net Assets 40
Financial Highlights  
Biotech ETF 45
Digital Assets Mining ETF 46
Digital Transformation ETF 47
Energy Income ETF 48
Environmental Services ETF 49
Gaming ETF 50
Pharmaceutical ETF 51
Retail ETF 52
Semiconductor ETF 53
Video Gaming and eSports ETF 54
Notes to Financial Statements 55
Report of Independent Registered Public Accounting Firm 65
Tax Information 67
Board of Trustees and Officers 68
Approval of Investment Management Agreements 71

 

 

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2022.

 

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2022 (unaudited)

 

Dear Fellow Shareholders:

 

Back in July, I said that Market Volatility Has One Final Act.1 Stocks and bonds historically do not perform well when the U.S. Federal Reserve (Fed) tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.

 

There are three things investors are currently facing, none of which is either particularly positive for financial assets or likely to change soon.

 

1. Monetary Policy: Tightening

 

The typical range for the rate of growth of money supply is in the low single digits. This increased during the global financial crisis and then exploded during the COVID–19 pandemic, but the recent rate of growth of money supply is close to 0%.

 

Another component to monetary policy is the Fed balance sheet, which is one of the unknowns. After buying bonds during the pandemic, the Fed is now going to start shrinking the balance sheet and selling bonds into the market—one estimate indicates $279B net through the end of the year. The Fed has only shrunk its balance sheet once before, so we are facing a big unknown.

 

Commodity prices and the Consumer Price Index (CPI) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

 

Services typically don’t reflect the price of commodities and, this year, we have seen services inflation increase from 3% to 6%. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

 

Last year when my colleagues and I spoke about inflation,2 I had noted that we wouldn’t know about wage inflation until the second half of this year, and now we know. Wage inflation is here. Another factor, which has only happened a couple times in a hundred years, is the pandemic. We don’t know how wage inflation is going to react, because the labor market is still tight in the U.S. and many workers have changed their behaviors and expectations. I think it will take another 6–12 months before we know whether wage inflation will be endemic and how the Fed responds.

 

2. Fiscal Tightening: Wage Inflation Is the Real Battle

 

Nominal wages are increasing, but because of inflation, take-home pay has been negative over the past year. This may result in a midterm effect in which Republicans take one or both houses, which means a higher likelihood of government gridlock. Even if the Democrats win, as Larry Summers pointed out, stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

 

3. Global Growth Has Almost Stopped

 

Looking at global growth today, we see Europe in a recession and China has slowed down. Over the last 20 years, U.S. and China have been the two main pillars of global growth. China is now going to have a much lower GDP growth rate for the foreseeable future. Think about China growth being 2%, not the 6–8% of the past decades. China has anti–business regulatory policies, and there is a decoupling happening, spurred in part by the tariff fight and in part by re–appraisal of supply chain vulnerabilities, which may mean less foreign investment in China. While 2% GDP growth for China will still be a significant contributor to global growth, we may look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

 

I believe that these conditions are going to be sticking around for a while, and what the markets are looking at now is the pressure on corporate profitability. Stocks are down because P/E ratios are down, but earnings

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

are still flat. We don’t know yet what earnings will be like, so there will be a lot of information for equity investors to gather over the next few quarters. Monetary and fiscal policy, as well as global growth, are all contractionary.

 

Amidst all this market turbulence, bond investments are now offering attractive yields, so this is our favorite asset class to buy now. (See What to Buy? Bonds. When? Now.)3 Because of higher interest rates, bonds can offer adequate returns like they did in the 1970’s even though that decade was the worst for interest rates in the last 100 years.

 

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended September 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck

CEO and President

VanEck ETF Trust

 

October 10, 2022

 

1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.

2 Navigating the Markets: Inflation and the Risks to Goldilocks, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-navigating-the-markets-inflation-and-the-risks-to-goldilocks/.

3 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.

2

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2022 (unaudited)

 

Biotech

 

Biotech stocks had a disappointing 12 months, with the VanEck Biotech ETF losing 30.24%. Having hit a high in early-November 2021, stocks declined through most of the rest of the period to finish at a new low on September 30, 2022. As a speculative sector, the “risk off” environment and general selloff in general, hit biotech stocks hard.

 

In addition, while, by end-September 2021, the FDA had approved 40 “novel drugs”,1 over the next three months a further 10 were added and the total tally for the year was 50.2 By end-September 2022, down on the previous year at the same time, only some 26 novel drugs had already been approved.3

 

The three top positive contributions to the Fund’s performance came from: Vertex Pharmaceuticals, Inc. (9.2% of Fund net assets), Regeneron Pharmaceuticals, Inc. (7.8% of Fund net assets) and Amgen, Inc. (14.5% of Fund net assets). The companies that detracted most from performance were: Moderna, Inc. (5.5% of Fund net assets), Illumina, Inc. (4.4% of Fund net assets) and Novavax (sold by Fund by period end).

 

Digital Assets Mining

 

Over the period from inception (March 7, 2022) to September 30, 2022, the VanEck Digital Assets Mining ETF lost 63.15%. The poor performance of digital assets mining stocks can be ascribed to pervasive negative sentiment in the underlying digital asset space, with lower prices for the most-mined digital asset (Bitcoin). In addition, rising interest rates squeezed not only tech companies, but also the broader growth segment in particular. The dual headwinds of rising cost of capital and falling price of digital assets led to a challenging year for these companies.

 

The three companies that contributed most to the Fund’s performance were: Applied Blockchain, Inc. (3.9% of Fund net assets), Bakkt Holdings, Inc. (1.2% of Fund net assets) and BIGG Digital Assets (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.7% of Fund net assets), Mawson Infrastructure Group, Inc. (2.9% of Fund net assets) and Hut 8 Mining Corp. (5.3% of Fund net assets).

 

Digital Transformation

 

The VanEck Digital Transformation ETF, which traded for the full 12 month period to September 30, 2022, lost 76.33%. As with digital mining stocks, the poor performance of more broadly-based digital transformation stocks can also be ascribed to pervasive negative sentiment in the underlying digital asset space. Rising interest rates also squeezed stocks, not least by raising the cost of capital and reducing the value of future earnings: a challenge for companies that might be both “early stage” and still unprofitable.

 

The three companies that detracted least from the Fund’s performance were: DMG Blockchain Solutions (sold during the period), EQONEX (sold during the period) and GreenBox (sold during the period). The three companies that detracted most from performance were: Northern Data AG (3.1% of Fund net assets), Voyager Digital (sold during the period) and Block, Inc. (7.3% of Fund net assets).

 

Energy Income

 

Robust energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Despite volatility during the period, both crude oil and natural gas prices remained firm, as did demand. For example, having started the 12 month period at $75.88 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period just 4.76% higher at $79.49 a barrel.

 

For the 12 months ended September 30, 2022, VanEck Energy Income ETF gained 8.79% on a total return basis. The three greatest contributors to performance were all involved, in particular, in the natural gas market: Cheniere Energy, Inc. (8.2% of Fund net assets), Targa Resources Corp. (4.4% of Fund net assets) and The Williams Companies, Inc. (5.7% of Fund net assets). Equitrans Midstream Corp. (2.6% of Fund net

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

assets), Keyera Corp. (4.3% of Fund net assets), TC Energy Corp. (7.4% of Fund net assets) detracted the most from overall performance.

 

Environmental Services

 

The VanEck Environmental Services ETF had a roller coaster of a year, ending the 12 month period under review with a loss of 8.56%. Having hit a high at in mid-November 2021, environmental stocks then plunged to a low at the end of January 2022, only to rise through the end of April before falling, once again, to a period low in mid-June 2022. Following a peak in mid-August, they took a downward trajectory through the end of September.

 

Growth in 2021, and through the first three quarters of 2022, was driven, amongst other factors, by: corporations’ increasing commitment to ESG and sustainability, consolidation and M&A activity, sustained interest in both reuse and recycling and last, but not least, by the changing regulatory backdrop. However, the industry also faced headwinds as a result of both supply chain bottlenecks and persistent labor shortages.

 

The three top positive contributions to the Fund’s performance came from: Vertex Energy, Inc. (2.1% of Fund net assets), US Ecology (acquired during the period) and Republic Services, Inc. (10.3% of Fund net assets). The three companies that detracted most from performance were: Ecolab (10.0% of Fund net assets), Loop Industries (sold by Fund by period end) and Montrose Environmental Group, Inc. (2.9% of Fund net assets).

 

Gaming

 

The VanEck Gaming ETF posted a loss of 31.72% for the 12 month period. Having hit highs towards the end of October 2021, faced by continuing fears of recession and more persistent inflation, gaming stocks declined pretty consistently through the end of September 2022.

 

In Macau, China, the world’s biggest gaming hub, while the gross revenue from “Games of Fortune” (as the Macau authorities describe them) in November 2021 through to the end of the year rose incrementally,4 except in February 2022, year-on-year monthly revenues were down significantly for 2022 through end-September.5 In contrast, in Nevada, except in July 2022, during the 11 month period through the end of August 2022, each month’s “gaming win”6 was up year-on-year—albeit by less each month as the period progressed.7

 

The three top positive contributions to the Fund’s performance came from: VICI Properties, Inc. (7.6% of Fund net assets), Galaxy Entertainment Group Ltd. (6.5% of Fund net assets) and Sands China Ltd. (4.2% of Fund net assets). The three companies that detracted most from performance were: Caesars Entertainment, Inc. (3.0% of Fund net assets), Evolution AB (6.1% of Fund net assets) and DraftKings, Inc. (4.2% of Fund net assets).

 

Pharmaceutical

 

Despite a 12 month period characterized by a number of distinct peaks and troughs to their returns, pharmaceutical shares had lost a total of 5.91% by September 30, 2022. While not hit as badly as biotech stocks, pharma stock were also affected by rising interest rates, persistent inflation and recessionary fears. In addition, companies saw reduced revenue numbers due both to lower realized prices and unfavorable foreign exchange rates.

 

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (4.4% of Fund net assets), Eli Lilly & Co. (5.9% of Fund net assets) and AbbVie, Inc. (5.5% of Fund net assets). The three companies that detracted most from performance were: Bausch Health Cos, Inc. (0.7% of Fund net assets), Catalent, Inc. (2.9% of Fund net assets) and Elanco Animal Health, Inc. (1.1% of Fund net assets).

4

 

 

Retail

 

Despite a healthy start to the 12 month period, rising inflation, higher interest rates (which reduce the value of future earnings) and the fears of recession hit retail stocks and towards the end of May, they hit a low. Thereafter, they recovered slightly, but the VanEck Retail ETF had still lost 10.69% by September 30.

 

The three top positive contributions to the Fund’s performance came from: McKesson Corp. (3.8% of Fund net assets), AutoZone, Inc. (2.9% of Fund net assets) and CVS Health Corp. (4.7% of Fund net assets). The three companies that detracted most from performance were: Amazon.com, Inc. (19.2% of Fund net assets), Target Corp. (4.3% of Fund net assets) and JD.com, Inc. (4.2% of Fund net assets).

 

Semiconductor

 

After hitting highs towards the end of 2021, semiconductor stocks declined through the end-June 2022. Thereafter they staged a brief recovery to peak, once again, in mid-August before declining through the end of the 12 month period. By September 30, 2022, the VanEck Semiconductor ETF had lost 27.40%.

 

In addition to weakening demand, the semiconductor market has also been hit by the continuing trade restrictions between the U.S. and China. The withdrawal of stimulus not only by the Fed, but also by other central banks has been a further headwind for the semiconductor market.

 

The three top positive contributions to the Fund’s performance came from: Xilinx (acquired during the period), ON Semiconductor Corp. (2.5% of Fund net assets) and Cadence Design Systems, Inc. (4.0% of Fund net assets). The three companies that detracted most from performance were: Taiwan Semiconductor Manufacturing Co. Ltd. (11.2% of Fund net assets), NVIDIA Corp. (8.4% of Fund net assets) and Intel Corp. (4.7% of Fund net assets).

 

Video Games and eSports

 

Video gaming and esports stocks had a disappointing 12 months, with the VanEck Video Gaming and eSports ETF down 35.42%. In addition to a less then encouraging macro-economic environment, the specifically semiconductor-related Fund companies faced a difficult period of declining demand following one of chip shortages. The market’s aversion to tech stocks did not help either.

 

The three top positive contributions to the Fund’s performance came from: Zynga (acquired during the period), Capcom Co. Ltd. (3.0% of Fund net assets) and Nexon Co. Ltd. (4.5% of Fund net assets). The three companies that detracted most from performance were: Sea Ltd. (4.8% of Fund net assets), Unity Software, Inc. (4.1% of Fund net assets) and NVIDIA Corp. (7.9% of Fund net assets).

 

† All Fund assets referenced are Total Net Assets as of September 30, 2022.

 

1 Food & Drug Administration: New Drug Therapy Approvals 2021, May 13, 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2021 (Accessed October 7, 2022)

 

2 Ibid.

 

3 Food & Drug Administration: New Drug Therapy Approvals 2022, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2022 (Accessed October 7, 2022

 

4 Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2021/index.html

 

5 Gaming Inspection and Coordination Bureau, Macao SAR: Monthly Gross Revenue from Games of Fortune, http://www.dicj.gov.mo/web/en/ information/DadosEstat_mensal/2022/index.html

 

6 Or “gross revenue,” defined (in short) as: the total of all:

 

(a) Cash received as winnings;

5

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

(b) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and

 

(c) Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act, https://www.leg.state.nv.us/NRS/NRS-463.html#NRS463Sec0161

 

7 Nevada Gaming Control Board: Abbreviated Revenue Release, http://gaming.nv.gov/index.aspx?page=172

6

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBBHTR1   SPTR2
One Year   (30.21)%   (30.24)%   (30.18)%   (15.47)%
Five Year   1.37%   1.34%   1.50%   9.24%
Ten Year   10.35%   10.34%   10.52%   11.70%

 

  1 MVIS® US Listed Biotech 25 Index (MVBBHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the biotech industry.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

7

VANECK DIGITAL ASSETS MINING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVDAMTR1   SPTR2
Life*   (63.07)%   (63.15)%   (63.01)%   (13.85)%

 

  * Inception of Fund: 3/7/22; First Day of Secondary Market Trading: 3/8/22.  
       
  1 MVIS® Global Digital Assets Mining Index (MVDAMTR) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the digital asset mining segment.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on 17 for more information.

8

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVDAPPTR1   SPTR2
One Year   (76.39)%   (76.33)%   (77.13)%   (15.47)%
Life*   (72.17)%   (72.14)%   (72.73)%   (7.78)%

 

  * Inception of Fund: 4/12/21; First Day of Secondary Market Trading: 4/13/21.  
       
  1 MVIS® Global Digital Assets Equity Index (MVDAPPTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on 17 for more information.

9

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVEINCTG1   SPTR2
One Year   8.73%   8.79%   9.60%   (15.47)%
Five Year   2.35%   2.30%   2.04%   9.24%
Ten Year   (7.18)%   (7.13)%   (7.10)%   11.70%

 

  1 MVIS® North America Energy Infrastructure Index (MVEINCTG) is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means to track the overall performance of North American companies involved in the midstream energy segment, which includes MLPs and corporations involved in oil and gas storage and transportation.  
       
    Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index (the “MLP Index” or “YMLPTR”), a rules-based index designed to provide investors a means of tracking the performance of selected MLPs which are publicly traded on a U.S. securities exchange. All Index history reflects a blend of the performance of the aforementioned Indexes.  
       
    VanEck Energy Income ETF (the “Fund”) is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

10

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   AXENVTR1   SPTR2
One Year   (8.61)%   (8.56)%   (8.18)%   (15.47)%
Five Year   9.10%   9.21%   9.64%   9.24%
Ten Year   11.14%   11.08%   11.57%   11.70%

 

  1 NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-listed companies involved in environmental services.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

11

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBJKTR1   SPTR2
One Year   (32.36)%   (31.72)%   (31.35)%   (15.47)%
Five Year   (3.37)%   (3.25)%   (2.75)%   9.24%
Ten Year   2.26%   2.23%   2.64%   11.70%

 

  1 MVIS® Global Gaming Index (MVBJKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the casino and gaming industry.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

12

VANECK PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVPPHTR1   SPTR2
One Year   (6.10)%   (5.91)%   (6.07)%   (15.47)%
Five Year   4.92%   4.92%   4.73%   9.24%
Ten Year   7.36%   7.35%   7.25%   11.70%

 

  1 MVIS® US Listed Pharmaceutical 25 Index (MVPPHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the pharmaceutical industry.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

13

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVRTHTR1   SPTR2
One Year   (10.60)%   (10.69)%   (10.67)%   (15.47)%
Five Year   14.86%   14.84%   14.78%   9.24%
Ten Year   14.60%   14.58%   14.45%   11.70%

 

  1 MVIS® US Listed Retail 25 Index (MVRTHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the retail industry.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

14

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVSMHTR1   SPTR2
One Year   (27.40)%   (27.40)%   (27.28)%   (15.47)%
Five Year   16.06%   16.05%   16.09%   9.24%
Ten Year   20.96%   20.96%   20.94%   11.70%

 

  1 MVIS® US Listed Semiconductor 25 Index (MVSMHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the semiconductor industry.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

15

VANECK VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2022 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVESPOTR1   SPTR2
One Year   (35.47)%   (35.42)%   (34.71)%   (15.47)%
Life*   8.15%   8.19%   9.18%   8.22%

 

  * Inception of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.  
       
  1 MVIS® Global Video Gaming and eSports Index (MVESPOTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in video gaming and eSports.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

16

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

 

The Biotech Index, Digital Assets Mining, Digital Transformation Index, Energy Income, Gaming Index, Pharmaceutical Index, Retail Index, Semiconductor Index and Video Gaming and eSports Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Environmental Services Index is published by ICE Data Indices, LLC (ICE Data).

 

MarketVector, ICE Data, and Solactive are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

17

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, April 1, 2022 to September 30, 2022.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
April 1, 2022
  Ending
Account
Value
September 30, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2022 -
September 30, 2022(a)
Biotech ETF                
Actual   $1,000.00   $866.40   0.35%   $1.64
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Digital Assets Mining ETF                
Actual   $1,000.00   $296.30   0.50%   $1.62
Hypothetical (b)   $1,000.00   $1,022.56   0.50%   $2.54
Digital Transformation ETF                
Actual   $1,000.00   $328.80   0.50%   $1.67
Hypothetical (b)   $1,000.00   $1,022.56   0.50%   $2.54
Energy Income ETF                
Actual   $1,000.00   $896.40   0.49%   $2.33
Hypothetical (b)   $1,000.00   $1,022.61   0.49%   $2.48
Environmental Services ETF                
Actual   $1,000.00   $862.10   0.55%   $2.57
Hypothetical (b)   $1,000.00   $1,022.31   0.55%   $2.79
Gaming ETF                
Actual   $1,000.00   $818.40   0.69%   $3.15
Hypothetical (b)   $1,000.00   $1,021.61   0.69%   $3.50
Pharmaceutical ETF                
Actual   $1,000.00   $850.90   0.36%   $1.67
Hypothetical (b)   $1,000.00   $1,023.26   0.36%   $1.83
18

 

 

    Beginning
Account
Value
April 1, 2022
  Ending
Account
Value
September 30, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2022 -
September 30, 2022(a)
Retail ETF                
Actual   $1,000.00   $857.80   0.35%   $1.63
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Semiconductor ETF                
Actual   $1,000.00   $687.00   0.35%   $1.48
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Video Gaming and eSports ETF                
Actual   $1,000.00   $698.10   0.60%   $2.55
Hypothetical (b)   $1,000.00   $1,022.06   0.60%   $3.04

 

(a)  Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b)  Assumes annual return of 5% before expenses
19

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number        
    of Shares     Value  
COMMON STOCKS: 99.9%            
China: 1.8%            
BeiGene Ltd. (ADR) *     55,218     $ 7,444,491  
                 
Germany: 3.7%                
BioNTech SE (ADR)     115,487       15,576,886  
                 
Ireland: 3.4%                
ICON Plc (USD) *     76,597       14,076,997  
                 
Switzerland: 1.2%                
CRISPR Therapeutics AG (USD) * †     78,052       5,100,698  
                 
United States: 89.8%                
Alnylam Pharmaceuticals, Inc. *     68,834       13,777,813  
Amgen, Inc.     266,686       60,111,024  
Argenx SE (ADR) *     49,717       17,552,587  
Biogen, Inc. *     97,451       26,019,417  
BioMarin Pharmaceutical, Inc. *     138,050       11,702,498  
Bio-Techne Corp.     37,319       10,598,596  
Charles River Laboratories International, Inc. *     45,306       8,916,221  
Exact Sciences Corp. *     127,394       4,139,031  
Gilead Sciences, Inc.     600,191       37,025,783  
Guardant Health, Inc. *     71,095       3,827,044  
Illumina, Inc. *     95,044       18,133,445  
Incyte Corp. *     157,415       10,490,136  
    Number        
    of Shares     Value  
United States (continued)                
Intellia Therapeutics, Inc. *     62,142     $ 3,477,466  
IQVIA Holdings, Inc. *     100,996       18,294,415  
Moderna, Inc. *     192,464       22,758,868  
Natera, Inc. *     94,645       4,147,344  
QIAGEN NV *     213,927       8,830,907  
Regeneron Pharmaceuticals, Inc. *     47,110       32,452,666  
Repligen Corp. *     44,011       8,234,898  
Seagen, Inc. *     99,020       13,548,907  
Vertex Pharmaceuticals, Inc. *     131,220       37,993,439  
              372,032,505  
Total Common Stocks
(Cost: $463,141,907)
            414,231,577  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5%          
Money Market Fund: 0.5%
(Cost: $1,932,533)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,932,533       1,932,533  
Total Investments: 100.4%
(Cost: $465,074,440)
            416,164,110  
Liabilities in excess of other assets: (0.4)%       (1,859,702 )
NET ASSETS: 100.0%           $ 414,304,408  


 

 

Definitions:

 

ADR American Depositary Receipt
USD United States Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $4,845,637.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Biotechnology     78.0 %   $ 323,319,055  
Health Care Services     0.9       3,827,044  
Life Sciences Tools & Services     21.1       87,085,478  
      100.0 %   $ 414,231,577  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 414,231,577     $     $     $ 414,231,577  
Money Market Fund     1,932,533                   1,932,533  
Total Investments   $ 416,164,110     $     $     $ 416,164,110  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

20

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%            
Australia: 7.7%                
Iris Energy Ltd. (USD) *     14,417     $ 59,542  
Mawson Infrastructure Group, Inc. (USD) *     81,844       35,316  
              94,858  
Bermuda: 4.8%                
Hive Blockchain Technologies Ltd. (USD) *     15,572       58,551  
Canada: 9.7%                
Bitfarms Ltd. (USD) *     52,065       54,668  
Hut 8 Mining Corp. (USD) *     36,571       65,097  
              119,765  
China: 10.9%                
BC Technology Group Ltd. (HKD) *     38,000       12,294  
Canaan, Inc. (ADR) *     21,877       71,757  
Ebang International Holdings, Inc. (USD) *     123,120       50,504  
              134,555  
Germany: 3.7%                
Northern Data AG *     3,775       45,822  
Hong Kong: 1.4%                
Huobi Technology Holdings Ltd. *     36,500       17,358  
    Number
of Shares
    Value  
United Kingdom: 4.9%            
Argo Blockchain Plc (ADR) *     15,577     $ 60,283  
                 
United States: 56.9%                
Applied Blockchain, Inc. *     28,620       48,654  
Bakkt Holdings, Inc. *     6,360       14,501  
Bit Digital, Inc. *     40,956       49,147  
Block, Inc. *     917       50,426  
Cipher Mining, Inc. *     41,616       52,436  
Cleanspark, Inc. *     14,663       46,628  
Coinbase Global, Inc. *     911       58,750  
Core Scientific, Inc. *     9,878       12,842  
Galaxy Digital Holdings Ltd. (CAD) *     3,724       15,882  
Greenidge Generation Holdings, Inc. *     25,826       51,652  
Marathon Digital Holdings, Inc. *     7,967       85,327  
Riot Blockchain, Inc. *     13,431       94,151  
Silvergate Capital Corp. *     709       53,423  
Terawulf, Inc. *     53,438       67,332  
              701,151  
Total Common Stocks
(Cost: $2,553,980)
            1,232,343  
Total Investments: 100.0%
(Cost: $2,553,980)
            1,232,343  
Liabilities in excess of other assets: 0.0%             (504 )
NET ASSETS: 100.0%           $ 1,231,839  


 

 

Definitions:

 

ADR American Depositary Receipt
CAD Canadian Dollar
HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector        % of
Investments
  Value  
Financials     12.6 %   $ 154,851  
Information Technology     87.4       1,077,492  
      100.0 %   $ 1,232,343  

 

See Notes to Financial Statements

21

VANECK DIGITAL ASSETS MINING ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $ 94,858     $     $     $ 94,858  
Bermuda     58,551                   58,551  
Canada     119,765                   119,765  
China     122,261       12,294             134,555  
Germany           45,822             45,822  
Hong Kong           17,358             17,358  
United Kingdom     60,283                   60,283  
United States     701,151                   701,151  
Total Investments   $ 1,156,869     $ 75,474     $     $ 1,232,343  

 

See Notes to Financial Statements

22

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.7%            
Australia: 3.9%            
Iris Energy Ltd. (USD) * †     284,890     $ 1,176,596  
Bermuda: 4.4%                
Hive Blockchain Technologies Ltd. (USD) * †     350,117       1,316,440  
Canada: 9.1%                
Bitfarms Ltd. (USD) * †     1,187,076       1,246,430  
Hut 8 Mining Corp. (USD) * †     830,082       1,477,546  
              2,723,976  
China: 6.0%                
BC Technology Group Ltd. (HKD) *     807,000       261,094  
Canaan, Inc. (ADR) * †     469,180       1,538,910  
              1,800,004  
Germany: 4.8%                
Bitcoin Group SE     26,521       511,169  
Northern Data AG * †     75,610       917,787  
              1,428,956  
Hong Kong: 2.4%                
Huobi Technology Holdings Ltd.*     1,508,000       717,163  
Jersey, Channel Islands: 1.6%                
Coinshares International Ltd. (SEK) *     139,442       474,568  
United Kingdom: 4.1%                
Argo Blockchain Plc (ADR) * †     315,473       1,220,881  
United States: 63.4%                
Applied Blockchain, Inc. *     421,194       716,030  
Bakkt Holdings, Inc. * †     444,703       1,013,923  
    Number
of Shares
    Value  
United States (continued)                
Bit Digital, Inc. * †     467,774     $ 561,329  
Block, Inc. *     39,602       2,177,713  
Cipher Mining, Inc. * †     316,077       398,257  
Cleanspark, Inc. * †     317,411       1,009,367  
Coinbase Global, Inc. *     39,353       2,537,874  
Core Scientific, Inc. * †     807,027       1,049,135  
Galaxy Digital Holdings Ltd. (CAD) * †     279,392       1,191,541  
Marathon Digital Holdings, Inc. * †     172,462       1,847,068  
MicroStrategy, Inc. * †     9,980       2,118,355  
Riot Blockchain, Inc. * †     281,907       1,976,168  
Silvergate Capital Corp. *     26,800       2,019,380  
Terawulf, Inc. *     302,787       381,512  
              18,997,652  
Total Common Stocks
(Cost: $62,631,141)
            29,856,236  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 28.8%          
Money Market Fund: 28.8%
(Cost: $8,613,586)
               
State Street Navigator Securities Lending Government Money Market Portfolio     8,613,586       8,613,586  
Total Investments: 128.5%
(Cost: $71,244,727)
            38,469,822  
Liabilities in excess of other assets: (28.5)%       (8,533,801)  
NET ASSETS: 100.0%           $ 29,936,021  


 

 

Definitions:

 

ADR American Depositary Receipt
CAD Canadian Dollar
HKD Hong Kong Dollar
SEK Swedish Krona
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $8,253,281.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials     26.9 %   $ 8,009,550  
Information Technology     73.1       21,846,686  
      100.0 %   $ 29,856,236  

 

See Notes to Financial Statements

23

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                        
Australia   $ 1,176,596     $     $     $ 1,176,596  
Bermuda     1,316,440                   1,316,440  
Canada     2,723,976                   2,723,976  
China     1,538,910       261,094             1,800,004  
Germany           1,428,956             1,428,956  
Hong Kong           717,163             717,163  
Jersey, Channel Islands           474,568             474,568  
United Kingdom     1,220,881                   1,220,881  
United States     18,997,652                   18,997,652  
Money Market Fund     8,613,586                   8,613,586  
Total Investments   $ 35,588,041     $ 2,881,781     $     $ 38,469,822  

 

See Notes to Financial Statements

24

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 75.2%            
Energy: 75.2%                
Antero Midstream Corp.     100,821     $ 925,537  
Cheniere Energy, Inc.     15,145       2,512,707  
CNX Resources Corp. *     40,689       631,900  
DT Midstream, Inc.     27,230       1,412,965  
Enbridge, Inc.     65,430       2,427,453  
EnLink Midstream LLC     69,868       621,126  
Equitrans Midstream Corp.     106,979       800,203  
Gibson Energy, Inc.     48,062       764,413  
Hess Midstream LP     12,303       313,973  
Keyera Corp.     64,718       1,332,450  
Kinder Morgan, Inc.     122,645       2,040,813  
Kinetik Holdings, Inc.     7,723       251,615  
ONEOK, Inc.     30,679       1,571,992  
Pembina Pipeline Corp.     48,643       1,477,288  
Plains GP Holdings LP     58,243       635,431  
Targa Resources Corp.     22,229       1,341,298  
TC Energy Corp.     56,180       2,263,493  
The Williams Companies, Inc.     60,704       1,737,955  
Total Common Stocks
(Cost: $23,823,175)
            23,062,612  
    Number
of Shares
    Value  
MASTER LIMITED PARTNERSHIPS: 24.6%            
Energy: 24.6%                
Crestwood Equity Partners LP     10,140     $ 281,588  
DCP Midstream LP     10,079       378,668  
Energy Transfer LP     132,137       1,457,471  
Enterprise Products Partners LP     57,496       1,367,255  
Genesis Energy LP     10,092       92,846  
Holly Energy Partners LP     5,125       84,101  
Magellan Midstream Partners LP     25,521       1,212,503  
MPLX LP     39,697       1,191,307  
NuStar Energy LP     9,229       124,591  
Plains All American Pipeline LP     52,007       547,114  
Shell Midstream Partners LP     15,938       251,980  
Western Midstream Partners LP     22,228       559,256  
Total Master Limited Partnerships
(Cost: $7,147,758)
            7,548,680  
Total Investments: 99.8%
(Cost: $30,970,933)
            30,611,292  
Other assets less liabilities: 0.2%             64,298  
NET ASSETS: 100.0%           $ 30,675,590  


 

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector   % of
Investments
  Value  
Energy     100.0 %   $ 30,611,292  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 23,062,612     $     $     $ 23,062,612  
Master Limited Partnerships *     7,548,680                   7,548,680  
Total Investments   $ 30,611,292     $     $     $ 30,611,292  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

25

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Canada: 6.5%                
GFL Environmental, Inc. (USD) †     87,624     $ 2,216,011  
Li-Cycle Holdings Corp. (USD) *     421,086       2,240,178  
              4,456,189  
United States: 93.5%                
ABM Industries, Inc.     61,160       2,338,147  
Aris Water Solution, Inc. †     98,158       1,252,496  
Casella Waste Systems, Inc. *     30,117       2,300,638  
CECO Environmental Corp. *     163,402       1,446,108  
Clean Harbors, Inc. *     20,849       2,292,973  
Darling Ingredients, Inc. *     33,088       2,188,771  
Donaldson Co., Inc.     47,520       2,328,955  
Ecolab, Inc.     47,071       6,797,994  
Energy Recovery, Inc. *     98,011       2,130,759  
Evoqua Water Technologies Corp. *     66,922       2,213,110  
Heritage-Crystal Clean, Inc. *     47,788       1,413,091  
Montrose Environmental Group, Inc. * †     58,912       1,982,389  
PureCycle Technologies, Inc. * †     260,775       2,104,454  
Republic Services, Inc.     51,353       6,986,062  
    Number
of Shares
    Value  
United States (continued)                
Schnitzer Steel Industries, Inc.     47,280     $ 1,345,589  
Stericycle, Inc. *     50,012       2,106,005  
STERIS Plc     13,170       2,189,908  
Tennant Co.     39,979       2,261,212  
Tetra Tech, Inc.     18,724       2,406,596  
Vertex Energy, Inc. * †     229,076       1,427,143  
Waste Connections, Inc.     51,345       6,938,250  
Waste Management, Inc.     43,861       7,026,971  
              63,477,621  
Total Common Stocks
(Cost: $72,747,210)
            67,933,810  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.7%          
Money Market Fund: 1.7%
(Cost: $1,158,958)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,158,958       1,158,958  
Total Investments: 101.7%
(Cost: $73,906,168)
            69,092,768  
Liabilities in excess of other assets: (1.7)%             (1,177,981)  
NET ASSETS: 100.0%           $ 67,914,787  


 

 

Definitions:
 
USD United States Dollar

 

Footnotes:
 
Security fully or partially on loan. Total market value of securities on loan is $4,660,485.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Staples     3.2 %   $ 2,188,771  
Energy     2.1       1,427,143  
Health Care     3.2       2,189,908  
Industrials     76.4       51,879,951  
Materials     15.1       10,248,037  
      100.0 %   $ 67,933,810  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 67,933,810     $     $     $ 67,933,810  
Money Market Fund     1,158,958                   1,158,958  
Total Investments   $ 69,092,768     $     $     $ 69,092,768  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

26

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Australia: 11.7%                
Aristocrat Leisure Ltd.     194,620     $ 4,125,044  
Lottery Corp. Ltd. *     724,017       1,950,336  
Star Entertainment Group Ltd. * †     317,619       527,000  
Tabcorp Holdings Ltd.     788,993       475,587  
              7,077,967  
Cambodia: 0.7%                
NagaCorp Ltd. (HKD) *     633,741       415,036  
China: 7.9%                
Galaxy Entertainment Group Ltd. (HKD)     671,240       3,945,349  
Melco Resorts & Entertainment Ltd. (ADR) *     76,956       510,218  
SJM Holdings Ltd. (HKD) * †     829,500       308,055  
              4,763,622  
France: 2.3%                
La Francaise des Jeux SAEM 144A     47,792       1,417,119  
Greece: 1.5%                
OPAP SA     76,521       917,300  
Ireland: 7.9%                
Flutter Entertainment Plc *     43,487       4,791,687  
Japan: 1.5%                
Heiwa Corp. †     25,800       399,005  
Sankyo Co. Ltd.     17,179       520,068  
              919,073  
Malaysia: 4.8%                
Genting Bhd     915,500       880,996  
Genting Malaysia Bhd     1,205,098       722,149  
Genting Singapore Ltd. (SGD)     2,366,200       1,287,080  
              2,890,225  
Malta: 0.9%                
Kindred Group Plc (SEK) (SDR)     71,018       532,180  
New Zealand: 0.6%                
SkyCity Entertainment Group Ltd. *     217,776       334,271  
South Korea: 1.4%                
Kangwon Land, Inc. *     52,640       859,427  
    Number
of Shares
    Value  
Sweden: 6.1%            
Evolution AB 144A     46,827     $ 3,701,610  
United Kingdom: 4.5%                
Entain Plc     179,262       2,142,857  
Playtech Plc*     113,709       556,966  
              2,699,823  
United States: 48.3%                
Boyd Gaming Corp.     27,180       1,295,127  
Caesars Entertainment, Inc. *     57,229       1,846,207  
Churchill Downs, Inc.     9,904       1,823,822  
DraftKings, Inc. * †     166,483       2,520,553  
Gaming and Leisure Properties, Inc.     58,441       2,585,430  
International Game Technology Plc†     43,025       679,795  
Las Vegas Sands Corp. *     114,980       4,314,050  
Light & Wonder, Inc. *     23,997       1,028,991  
MGM Resorts International     95,845       2,848,513  
Penn Entertainment, Inc. *     37,031       1,018,723  
Sands China Ltd. (HKD) *     1,012,400       2,521,025  
VICI Properties, Inc.     153,764       4,589,855  
Wynn Macau Ltd. (HKD) * †     502,000       319,962  
Wynn Resorts Ltd. * †     29,880       1,883,336  
              29,275,389  
Total Common Stocks                
(Cost: $89,255,676)             60,594,729  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%          
Money Market Fund: 0.0%
(Cost: $393)
               
State Street Navigator Securities Lending Government Money Market Portfolio     393       393  
Total Investments: 100.1%
(Cost: $89,256,069)
            60,595,122  
Liabilities in excess of other assets: (0.1)%             (32,774 )
NET ASSETS: 100.0%           $ 60,562,348  


 

 

Definitions:

 

ADR American Depositary Receipt
HKD Hong Kong Dollar
SDR Swedish Depositary Receipt
SEK Swedish Krona
SGD Singapore Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $3,700,786.
   
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $5,118,729, or 8.5% of net assets.

 

See Notes to Financial Statements

27

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     88.2 %   $ 53,419,444  
Real Estate     11.8       7,175,285  
      100.0 %   $ 60,594,729  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 7,077,967     $     $ 7,077,967  
Cambodia           415,036             415,036  
China     510,218       4,253,404             4,763,622  
France           1,417,119             1,417,119  
Greece           917,300             917,300  
Ireland           4,791,687             4,791,687  
Japan           919,073             919,073  
Malaysia           2,890,225             2,890,225  
Malta           532,180             532,180  
New Zealand           334,271             334,271  
South Korea           859,427             859,427  
Sweden           3,701,610             3,701,610  
United Kingdom           2,699,823             2,699,823  
United States     26,434,402       2,840,987             29,275,389  
Money Market Fund     393                   393  
Total Investments   $ 26,945,013     $ 33,650,109     $     $ 60,595,122  

 

See Notes to Financial Statements

28

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.7%                
Denmark: 5.0%                
Novo Nordisk A/S (ADR)     262,689     $ 26,171,705  
France: 4.4%                
Sanofi (ADR)     612,395       23,283,258  
Israel: 3.0%                
Teva Pharmaceutical Industries Ltd. (ADR) *     1,939,004       15,647,762  
Japan: 4.6%                
Takeda Pharmaceutical Co. Ltd. (ADR) †     1,862,022       24,150,426  
Switzerland: 4.9%                
Novartis AG (ADR)     340,215       25,859,742  
United Kingdom: 14.2%                
AstraZeneca Plc (ADR)     460,336       25,244,826  
GSK Plc (ADR)     787,027       23,162,205  
Haleon Plc (ADR) * †     4,236,499       25,800,279  
              74,207,310  
United States: 63.6%                
AbbVie, Inc.     214,961       28,849,916  
AmerisourceBergen Corp.     167,641       22,686,857  
Bausch Health Cos, Inc. * †     559,796       3,856,994  
Bristol-Myers Squibb Co.     400,480       28,470,123  
Catalent, Inc. *     207,015       14,979,605  
Elanco Animal Health, Inc. *     470,331       5,836,808  
Eli Lilly & Co.     94,890       30,682,682  
    Number
of Shares
    Value  
United States (continued)                
Jazz Pharmaceuticals Plc *     94,511     $ 12,597,371  
Johnson & Johnson     296,817       48,488,025  
McKesson Corp.     67,536       22,953,460  
Merck & Co., Inc.     316,994       27,299,523  
Organon & Co.     413,778       9,682,405  
Patterson Companies, Inc.     111,505       2,678,350  
Perrigo Co. Plc     168,269       6,000,473  
Pfizer, Inc.     641,720       28,081,667  
Viatris, Inc.     1,972,774       16,808,035  
Zoetis, Inc.     154,511       22,912,436  
              332,864,730  
Total Common Stocks
(Cost: $609,426,049)
            522,184,933  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8%          
Money Market Fund: 8.8%
(Cost: $46,183,116)
               
State Street Navigator Securities Lending Government Money Market Portfolio     46,183,116       46,183,116  
Total Investments: 108.5%
(Cost: $655,609,165)
            568,368,049  
Liabilities in excess of other assets: (8.5)%             (44,629,656 )
NET ASSETS: 100.0%           $ 523,738,393  


 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $45,736,922.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Biotechnology     5.5 %           $ 28,849,916  
Health Care Distributors     9.3       48,318,667  
Personal Products     4.9       25,800,279  
Pharmaceuticals     80.3       419,216,071  
      100.0 %   $ 522,184,933  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 522,184,933     $     $     $ 522,184,933  
Money Market Fund     46,183,116                   46,183,116  
Total Investments   $ 568,368,049     $     $     $ 568,368,049  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

29

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
China: 4.2%                
JD.com, Inc. (ADR)     124,538     $ 6,264,261  
United States: 95.8%                
Amazon.com, Inc. *     255,975       28,925,175  
AmerisourceBergen Corp.     18,186       2,461,111  
AutoZone, Inc. *     2,023       4,333,124  
Bath & Body Works, Inc.     21,375       696,825  
Best Buy Co., Inc.     20,742       1,313,798  
Cardinal Health, Inc.     26,304       1,753,951  
Costco Wholesale Corp.     24,356       11,502,608  
CVS Health Corp.     74,070       7,064,056  
Dollar General Corp.     21,113       5,064,164  
Dollar Tree, Inc. *     23,580       3,209,238  
Lowe’s Companies, Inc.     41,162       7,730,635  
Lululemon Athletica, Inc. *     11,805       3,300,206  
McKesson Corp.     16,816       5,715,254  
O’Reilly Automotive, Inc. *     7,871       5,536,068  
Ross Stores, Inc.     35,530       2,994,113  
Sysco Corp.     57,733       4,082,300  
Target Corp.     43,664       6,479,301  
The Home Depot, Inc.     52,939       14,607,988  
The Kroger Co.     68,021       2,975,919  
    Number
of Shares
    Value  
United States (continued)                
The TJX Companies, Inc.     113,264     $ 7,035,960  
Ulta Beauty, Inc. *     6,006       2,409,547  
Walgreens Boots Alliance, Inc.     80,892       2,540,009  
Walmart, Inc.     94,164       12,213,071  
Wayfair, Inc. * †     4,718       153,571  
              144,097,992  
Total Common Stocks
(Cost: $180,242,064)
            150,362,253  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%          
Money Market Fund: 0.0%
(Cost: $443)
               
State Street Navigator Securities Lending Government Money Market Portfolio     443       443  
Total Investments: 100.0%
(Cost: $180,242,507)
            150,362,696  
Other assets less liabilities: 0.0%             69,396  
NET ASSETS: 100.0%           $ 150,432,092  

 


 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $145,889.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     66.5 %        $ 100,053,974  
Consumer Staples     22.2       33,313,907  
Health Care     11.3       16,994,372  
      100.0 %   $ 150,362,253  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 150,362,253     $     $     $ 150,362,253  
Money Market Fund     443                   443  
Total Investments   $ 150,362,696     $     $     $ 150,362,696  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

30

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Netherlands: 8.6%                
ASML Holding N.V. (USD)     667,101     $ 277,080,400  
NXP Semiconductors N.V. (USD)     1,420,411       209,524,827  
              486,605,227  
Switzerland: 2.2%                
STMicroelectronics N.V. (USD) †     4,005,888       123,942,175  
Taiwan: 11.3%                
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)     9,240,040       633,497,142  
United States: 77.9%                
Advanced Micro Devices, Inc. *     3,994,330       253,080,749  
Analog Devices, Inc.     1,899,077       264,617,389  
Applied Materials, Inc.     3,112,790       255,030,885  
Broadcom, Inc.     629,528       279,516,727  
Cadence Design Systems, Inc. *     1,362,872       222,734,171  
Intel Corp.     10,374,882       267,360,709  
KLA Corp.     797,694       241,406,135  
Lam Research Corp.     662,486       242,469,876  
Marvell Technology, Inc.     4,304,353       184,699,787  
Microchip Technology, Inc.     2,988,464       182,385,958  
Micron Technology, Inc.     5,203,462       260,693,446  
    Number
of Shares
    Value  
United States (continued)                
Monolithic Power Systems, Inc.     256,464     $ 93,199,018  
NVIDIA Corp.     3,888,120       471,978,887  
ON Semiconductor Corp. *     2,218,432       138,274,867  
Qorvo, Inc. *     513,563       40,782,038  
Qualcomm, Inc.     2,472,711       279,366,889  
Skyworks Solutions, Inc.     925,731       78,937,082  
Synopsys, Inc. *     794,012       242,578,606  
Teradyne, Inc.     848,033       63,729,680  
Texas Instruments, Inc.     1,917,663       296,815,879  
Universal Display Corp.     262,281       24,746,212  
              4,384,404,990  
Total Common Stocks
(Cost: $9,059,409,912)
            5,628,449,534  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%          
Money Market Fund: 0.0%
(Cost: $502,216)
               
State Street Navigator Securities Lending Government Money Market Portfolio     502,216       502,216  
Total Investments: 100.0%
(Cost: $9,059,912,128)
            5,628,951,750  
Other assets less liabilities: 0.0%             2,649,152  
NET ASSETS: 100.0%           $ 5,631,600,902  


 

 

Definitions:

 

ADR American Depositary Receipt
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $476,476.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Application Software     8.3 %          $ 465,312,777  
Semiconductor Equipment     19.1       1,079,716,976  
Semiconductors     72.6       4,083,419,781  
      100.0 %   $ 5,628,449,534  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 5,628,449,534     $     $     $ 5,628,449,534  
Money Market Fund     502,216                   502,216  
Total Investments   $ 5,628,951,750     $     $     $ 5,628,951,750  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

31

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Australia: 4.6%                
Aristocrat Leisure Ltd.     567,899     $ 12,036,832  
China: 16.7%                
Bilibili, Inc. (ADR) * †     400,651       6,137,973  
Kingsoft Corp. Ltd. (HKD)     1,513,800       4,005,294  
NetEase, Inc. (ADR) †     184,300       13,933,080  
Tencent Holdings Ltd. (HKD)     589,000       19,893,612  
              43,969,959  
France: 2.2%                
Ubisoft Entertainment SA *     208,562       5,729,468  
Japan: 23.5%                
Bandai Namco Holdings, Inc.     196,600       12,810,752  
Capcom Co. Ltd. †     316,300       7,962,792  
Konami Group Corp. †     156,100       7,227,008  
Nexon Co. Ltd. †     674,300       11,912,115  
Nintendo Co. Ltd.     437,000       17,624,251  
Square Enix Holdings Co. Ltd.     96,900       4,176,074  
              61,712,992  
Poland: 1.1%                
CD Projekt SA †     139,488       2,803,419  
South Korea: 3.0%                
NCSoft Corp.     26,490       6,336,305  
Netmarble Corp. 144A     42,505       1,506,918  
              7,843,223  
Sweden: 2.9%                
Embracer Group AB * †     1,275,092       7,557,804  
    Number
of Shares
    Value  
Taiwan: 6.8%            
Micro-Star International Co. Ltd.     1,571,000     $ 5,288,178  
Sea Ltd. (ADR) * †     223,559       12,530,482  
              17,818,660  
United States: 39.3%                
Activision Blizzard, Inc.     244,432       18,171,075  
Advanced Micro Devices, Inc. *     256,986       16,282,633  
Electronic Arts, Inc.     116,394       13,467,950  
NVIDIA Corp.     170,493       20,696,145  
Roblox Corp. * †     329,294       11,801,897  
Take-Two Interactive Software, Inc. *     109,073       11,888,957  
Unity Software, Inc. * †     336,178       10,710,631  
              103,019,288  
Total Common Stocks
(Cost: $383,158,963)
            262,491,645  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9%          
Money Market Fund: 6.9%
(Cost: $18,204,917)
               
State Street Navigator Securities Lending Government Money Market Portfolio     18,204,917       18,204,917  
Total Investments: 107.0%
(Cost: $401,363,880)
            280,696,562  
Liabilities in excess of other assets: (7.0)%             (18,432,843 )
NET ASSETS: 100.0%           $ 262,263,719  


 

 

Definitions:

 

ADR American Depositary Receipt
HKD Hong Kong Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $39,137,060.
* Non-income producing
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,506,918, or 0.6% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services     70.3 %         $ 184,666,474  
Consumer Discretionary     9.5       24,847,584  
Information Technology     20.2       52,977,587  
      100.0 %   $ 262,491,645  

 

See Notes to Financial Statements

32

 

 

The summary of inputs used to value the Fund’s investments as of September 30, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 12,036,832     $     $ 12,036,832  
China     20,071,053       23,898,906             43,969,959  
France           5,729,468             5,729,468  
Japan           61,712,992             61,712,992  
Poland           2,803,419             2,803,419  
South Korea           7,843,223             7,843,223  
Sweden           7,557,804             7,557,804  
Taiwan     12,530,482       5,288,178             17,818,660  
United States     103,019,288                   103,019,288  
Money Market Fund     18,204,917                   18,204,917  
Total Investments   $ 153,825,740     $ 126,870,822     $     $ 280,696,562  

 

See Notes to Financial Statements

33

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

 

    Biotech ETF     Digital Assets
Mining ETF
    Digital
Transformation
ETF
    Energy Income
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 414,231,577     $ 1,232,343     $ 29,856,236     $ 30,611,292  
Short-term investments held as collateral for securities loaned (3)     1,932,533             8,613,586        
Cash     254,406       62       51,827        
Cash denominated in foreign currency, at value (4)           4       27        
Receivables:                                
Investment securities sold                 904        
Dividends and interest     8,432             52,628       72,312  
Federal and State income taxes                       32,044  
Total assets     416,426,948       1,232,409       38,575,208       30,715,648  
Liabilities:                                
Payables:                                
Investment securities purchased                 12,123        
Collateral for securities loaned     1,932,533             8,613,586        
Due to Adviser     124,586       570       13,478       11,877  
Due to custodian                       28,181  
Deferred Trustee fees     64,926                    
Accrued expenses     495                    
Total liabilities     2,122,540       570       8,639,187       40,058  
NET ASSETS   $ 414,304,408     $ 1,231,839     $ 29,936,021     $ 30,675,590  
Shares outstanding     2,946,503       100,000       6,050,000       539,720  
Net asset value, redemption and offering price per share   $ 140.61     $ 12.32     $ 4.95     $ 56.84  
Net Assets consist of:                                
Aggregate paid in capital   $ 642,671,683     $ 3,461,613     $ 110,672,784     $ 39,356,724  
Total distributable earnings (loss)     (228,367,275 )     (2,229,774 )     (80,736,763 )     (8,681,134 )
NET ASSETS   $ 414,304,408     $ 1,231,839     $ 29,936,021     $ 30,675,590  
(1) Value of securities on loan   $ 4,845,637     $     $ 8,253,281     $  
(2) Cost of investments - Unaffiliated issuers   $ 463,141,907     $ 2,553,980     $ 62,631,141     $ 30,970,933  
(3) Cost of short-term investments held as collateral for securities loaned   $ 1,932,533     $     $ 8,613,586     $  
(4) Cost of cash denominated in foreign currency   $     $ 4     $ 27     $  

 

See Notes to Financial Statements

34

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

 

    Environmental
Services ETF
    Gaming ETF     Pharmaceutical
ETF
    Retail ETF  
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 67,933,810     $ 60,594,729     $ 522,184,933     $ 150,362,253  
Short-term investments held as collateral for securities loaned (3)     1,158,958       393       46,183,116       443  
Cash     39       29       711,732       85,735  
Cash denominated in foreign currency, at value (4)           946,439              
Receivables:                                
Investment securities sold     12,443,070             10,118,257        
Dividends and interest     51,113       103,782       1,042,981       40,336  
Prepaid expenses     2,842       2,841              
Total assets     81,589,832       61,648,213       580,241,019       150,488,767  
Liabilities:                                
Payables:                                
Investment securities purchased     5,527,442                    
Shares of beneficial interest redeemed     6,636,764             10,118,430        
Collateral for securities loaned     1,158,958       393       46,183,116       443  
Line of credit     264,419       982,488              
Due to Adviser     31,837       26,215       161,830       45,973  
Deferred Trustee fees     3,066       7,391       36,037       10,259  
Accrued expenses     52,559       69,378       3,213        
Total liabilities     13,675,045       1,085,865       56,502,626       56,675  
NET ASSETS   $ 67,914,787     $ 60,562,348     $ 523,738,393     $ 150,432,092  
Shares outstanding     520,000       1,850,000       7,788,138       971,531  
Net asset value, redemption and offering price per share   $ 130.61     $ 32.74     $ 67.25     $ 154.84  
Net Assets consist of:                                
Aggregate paid in capital   $ 90,123,727     $ 111,658,028     $ 730,571,452     $ 196,360,240  
Total distributable earnings (loss)     (22,208,940 )     (51,095,680 )     (206,833,059 )     (45,928,148 )
NET ASSETS   $ 67,914,787     $ 60,562,348     $ 523,738,393     $ 150,432,092  
(1) Value of securities on loan   $ 4,660,485     $ 3,700,786     $ 45,736,922     $ 145,889  
(2) Cost of investments - Unaffiliated issuers   $ 72,747,210     $ 89,255,676     $ 609,426,049     $ 180,242,064  
(3) Cost of short-term investments held as collateral for securities loaned   $ 1,158,958     $ 393     $ 46,183,116     $ 443  
(4) Cost of cash denominated in foreign currency   $     $ 1,014,528     $     $  

 

See Notes to Financial Statements

35

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2022

 

    Semiconductor
ETF
    Video Gaming
and eSports ETF
 
Assets:                
Investments, at value (1)                
Unaffiliated issuers (2)   $ 5,628,449,534     $ 262,491,645  
Short-term investments held as collateral for securities loaned (3)     502,216       18,204,917  
Cash     227       6,046  
Cash denominated in foreign currency, at value (4)           4  
Receivables:                
Investment securities sold     347,820,609        
Shares of beneficial interest sold     9,400,860       1,644  
Dividends and interest     5,373,979       362,223  
Prepaid expenses           7,079  
Total assets     5,991,547,425       281,073,558  
Liabilities:                
Payables:                
Investment securities purchased     9,400,557        
Shares of beneficial interest redeemed     347,831,838        
Collateral for securities loaned     502,216       18,204,917  
Line of credit     295,525       380,664  
Due to Adviser     1,811,099       124,878  
Deferred Trustee fees     97,455       8,715  
Accrued expenses     7,833       90,665  
Total liabilities     359,946,523       18,809,839  
NET ASSETS   $ 5,631,600,902     $ 262,263,719  
Shares outstanding     30,420,937       6,450,000  
Net asset value, redemption and offering price per share   $ 185.12     $ 40.66  
Net Assets consist of:                
Aggregate paid in capital   $ 9,489,700,981     $ 409,835,573  
Total distributable earnings (loss)     (3,858,100,079 )     (147,571,854 )
NET ASSETS   $ 5,631,600,902     $ 262,263,719  
(1) Value of securities on loan   $ 476,476     $ 39,137,060  
(2) Cost of investments - Unaffiliated issuers   $ 9,059,409,912     $ 383,158,963  
(3) Cost of short-term investments held as collateral for securities loaned   $ 502,216     $ 18,204,917  
(4) Cost of cash denominated in foreign currency   $     $ 4  

 

See Notes to Financial Statements

36

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

 

    Biotech ETF     Digital Assets
Mining ETF (a)
    Digital
Transformation
ETF
    Energy Income
ETF
 
Income:                                
Dividends   $ 3,824,471     $     $ 1,954     $ 780,757  
Interest                       20  
Securities lending income     19,329             1,290,925        
Foreign taxes withheld     (75,309 )           (287 )     (73,003 )
Total income     3,768,491             1,292,592       707,774  
Expenses:                                
Management fees     1,707,698       5,126       232,411       131,441  
Interest and taxes     2,177             2,265       7,448  
Total expenses     1,709,875       5,126       234,676       138,889  
Net investment income (loss)     2,058,616       (5,126 )     1,057,916       568,885  
                                 
Net realized gain (loss) on:                                
Investments     (72,948,984 )     (904,871 )     (42,077,137 )     1,017,958  
In-kind redemptions     20,504,756             (1,530,459 )     1,248,074  
Foreign currency transactions and foreign denominated assets and liabilities           147       (16,493 )     (436 )
Net realized gain (loss)     (52,444,228 )     (904,724 )     (43,624,089 )     2,265,596  
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     (130,892,741 )     (1,321,637 )     (23,668,498 )     (1,866,240 )
Foreign currency translations and foreign denominated assets and liabilities                 (24 )     (959 )
Net change in unrealized appreciation (depreciation)     (130,892,741 )     (1,321,637 )     (23,668,522 )     (1,867,199 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (181,278,353 )   $ (2,231,487 )   $ (66,234,695 )   $ 967,282  
   
(a) For the period March 8, 2022 (commencement of operations) through September 30, 2022.

 

See Notes to Financial Statements

37

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

 

    Environmental
Services ETF
    Gaming ETF     Pharmaceutical
ETF
    Retail ETF  
Income:                                
Dividends   $ 569,101     $ 1,071,484     $ 9,127,002     $ 2,388,203  
Interest     280       57       867       300  
Securities lending income     115,503       29,831       128,651       3,202  
Foreign taxes withheld     (8,170 )     (28,801 )     (332,499 )      
Total income     676,714       1,072,571       8,924,021       2,391,705  
Expenses:                                
Management fees     360,586       420,428       1,489,021       691,330  
Professional fees     35,638       43,014              
Custody and accounting fees     24,666       31,528              
Reports to shareholders     14,510       20,191              
Trustees’ fees and expenses     1,455       1,671              
Registration fees     6,482       3,910              
Insurance     2,762       4,181              
Interest and taxes     812       10,880       22,619       1,581  
Other     566       8,703              
Total expenses     447,477       544,506       1,511,640       692,911  
Waiver of management fees     (50,019 )                  
Net expenses     397,458       544,506       1,511,640       692,911  
Net investment income     279,256       528,065       7,412,381       1,698,794  
                                 
Net realized gain (loss) on:                                
Investments     (4,095,476 )     (7,928,657 )     (33,820,073 )     (5,627,678 )
In-kind redemptions     10,447,365       4,844,966       48,141,710       10,160,833  
Foreign currency transactions and foreign denominated assets and liabilities     4       (20,088 )            
Net realized gain (loss)     6,351,893       (3,103,779 )     14,321,637       4,533,155  
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     (13,919,150 )     (29,359,063 )     (79,556,497 )     (26,338,540 )
Foreign currency translations and foreign denominated assets and liabilities           (70,865 )            
Net change in unrealized appreciation (depreciation)     (13,919,150 )     (29,429,928 )     (79,556,497 )     (26,338,540 )
Net Decrease in Net Assets Resulting from Operations   $ (7,288,001 )   $ (32,005,642 )   $ (57,822,479 )   $ (20,106,591 )

 

See Notes to Financial Statements

38

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2022

 

    Semiconductor
ETF
    Video Gaming
and eSports ETF
 
Income:                
Dividends   $ 93,494,943     $ 5,155,205  
Interest     11,854        
Securities lending income     106,711       173,032  
Foreign taxes withheld     (4,993,551 )     (389,423 )
Total income     88,619,957       4,938,814  
Expenses:                
Management fees     25,764,670       2,280,361  
Professional fees           67,971  
Custody and accounting fees           54,017  
Reports to shareholders           60,150  
Trustees’ fees and expenses           17,605  
Registration fees           7,304  
Insurance           10,368  
Interest and taxes     46,782       51,558  
Other           11,514  
Total expenses     25,811,452       2,560,848  
Waiver of management fees           (886 )
Net expenses     25,811,452       2,559,962  
Net investment income     62,808,505       2,378,852  
                 
Net realized gain (loss) on:                
Investments     (358,331,936 )     (30,864,793 )
In-kind redemptions     1,015,379,556       42,300,181  
Foreign currency transactions and foreign denominated assets and liabilities           (126,056 )
Net realized gain     657,047,620       11,309,332  
                 
Net change in unrealized appreciation (depreciation) on:                
Investments     (3,277,654,394 )     (172,499,427 )
Foreign currency translations and foreign denominated assets and liabilities           (17,000 )
Net change in unrealized appreciation (depreciation)     (3,277,654,394 )     (172,516,427 )
Net Decrease in Net Assets Resulting from Operations   $ (2,557,798,269 )   $ (158,828,243 )

 

See Notes to Financial Statements

39

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Biotech ETF     Digital Assets
Mining ETF
 
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
    Period Ended
September 30,
2022 (a)
 
                         
Operations:                        
Net investment income (loss)   $ 2,058,616     $ 1,199,758     $ (5,126 )
Net realized gain (loss)     (52,444,228 )     79,266,644       (904,724 )
Net change in unrealized appreciation (depreciation)     (130,892,741 )     36,737,909       (1,321,637 )
Net increase (decrease) in net assets resulting from operations     (181,278,353 )     117,204,311       (2,231,487 )
Distributions to shareholders from:                        
Distributable earnings     (1,180,281 )     (1,699,994 )      
                         
Share transactions*:                        
Proceeds from sale of shares     91,504,466       219,670,586       3,463,326  
Cost of shares redeemed     (84,861,837 )     (230,504,701 )      
Increase (decrease) in net assets resulting from share transactions     6,642,629       (10,834,115 )     3,463,326  
Total increase (decrease) in net assets     (175,816,005 )     104,670,202       1,231,839  
Net Assets, beginning of period     590,120,413       485,450,211        
Net Assets, end of period   $ 414,304,408     $ 590,120,413     $ 1,231,839  
*Shares of Common Stock Issued (no par value)                        
Shares sold     575,000       1,150,000       100,000  
Shares redeemed     (550,000 )     (1,225,000 )      
Net increase (decrease)     25,000       (75,000 )     100,000  
                         
(a) For the period March 8, 2022 (commencement of operations) through September 30, 2022.

 

See Notes to Financial Statements

40

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Digital Transformation ETF     Energy Income ETF  
    Year Ended
September 30,
2022
    Period Ended
September 30,
2021 (a)
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
 
                                 
Operations:                                
Net investment income   $ 1,057,916     $ 2,922     $ 568,885     $ 597,470  
Net realized gain (loss)     (43,624,089 )     (2,316,643 )     2,265,596       1,631,575  
Net change in unrealized appreciation (depreciation)     (23,668,522 )     (9,106,406 )     (1,867,199 )     10,387,964  
Net increase (decrease) in net assets resulting from operations     (66,234,695 )     (11,420,127 )     967,282       12,617,009  
Distributions to shareholders from:                                
Distributable earnings     (4,600,120 )           (502,535 )     (659,351 )
Return of capital                 (607,866 )     (850,413 )
Total distributions     (4,600,120 )           (1,110,401 )     (1,509,764 )
                                 
Share transactions*:                                
Proceeds from sale of shares     61,030,371       58,233,162       12,633,846       2,332,086  
Cost of shares redeemed     (5,876,037 )     (1,196,533 )     (5,671,728 )     (9,804,516 )
Increase (decrease) in net assets resulting from share transactions     55,154,334       57,036,629       6,962,118       (7,472,430 )
Total increase (decrease) in net assets     (15,680,481 )     45,616,502       6,818,999       3,634,815  
Net Assets, beginning of period     45,616,502             23,856,591       20,221,776  
Net Assets, end of period   $ 29,936,021     $ 45,616,502     $ 30,675,590     $ 23,856,591  
*Shares of Common Stock Issued (no par value)                                
Shares sold     4,675,000       2,050,000       200,000       50,000  
Shares redeemed     (625,000 )     (50,000 )     (100,000 )     (200,000 )
Net increase (decrease)     4,050,000       2,000,000       100,000       (150,000 )
                                 
(a) For the period April 13, 2021 (commencement of operations) through September 30, 2021.

 

See Notes to Financial Statements

41

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Environmental Services ETF     Gaming ETF  
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
 
                                 
Operations:                                
Net investment income   $ 279,256     $ 135,228     $ 528,065     $ 376,153  
Net realized gain (loss)     6,351,893       8,224,962       (3,103,779 )     12,044,047  
Net change in unrealized appreciation (depreciation)     (13,919,150 )     6,390,584       (29,429,928 )     (2,950,274 )
Net increase (decrease) in net assets resulting from operations     (7,288,001 )     14,750,774       (32,005,642 )     9,469,926  
Distributions to shareholders from:                                
Distributable earnings     (200,016 )     (124,993 )     (725,005 )     (349,965 )
                                 
Share transactions*:                                
Proceeds from sale of shares     39,446,432       40,559,653       6,562,409       90,865,077  
Cost of shares redeemed     (31,337,177 )     (18,707,729 )     (31,658,817 )     (36,388,492 )
Increase (decrease) in net assets resulting from share transactions     8,109,255       21,851,924       (25,096,408 )     54,476,585  
Total increase (decrease) in net assets     621,238       36,477,705       (57,827,055 )     63,596,546  
Net Assets, beginning of year     67,293,549       30,815,844       118,389,403       54,792,857  
Net Assets, end of year   $ 67,914,787     $ 67,293,549     $ 60,562,348     $ 118,389,403  
*Shares of Common Stock Issued (no par value)                                
Shares sold     270,000       300,000       150,000       1,775,000  
Shares redeemed     (220,000 )     (140,000 )     (750,000 )     (725,000 )
Net increase (decrease)     50,000       160,000       (600,000 )     1,050,000  

 

See Notes to Financial Statements

42

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Pharmaceutical ETF     Retail ETF  
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
 
                                 
Operations:                                
Net investment income   $ 7,412,381     $ 4,717,616     $ 1,698,794     $ 1,987,122  
Net realized gain     14,321,637       16,088,881       4,533,155       54,787,974  
Net change in unrealized appreciation (depreciation)     (79,556,497 )     20,215,746       (26,338,540 )     (23,437,570 )
Net increase (decrease) in net assets resulting from operations     (57,822,479 )     41,022,243       (20,106,591 )     33,337,526  
Distributions to shareholders from:                                
Distributable earnings     (6,817,403 )     (4,063,401 )     (1,850,009 )     (1,274,964 )
                                 
Share transactions*:                                
Proceeds from sale of shares     723,658,357       506,408,386       67,184,294       278,009,892  
Cost of shares redeemed     (454,218,449 )     (459,578,185 )     (134,470,494 )     (252,249,346 )
Increase (decrease) in net assets resulting from share transactions     269,439,908       46,830,201       (67,286,200 )     25,760,546  
Total increase (decrease) in net assets     204,800,026       83,789,043       (89,242,800 )     57,823,108  
Net Assets, beginning of year     318,938,367       235,149,324       239,674,892       181,851,784  
Net Assets, end of year   $ 523,738,393     $ 318,938,367     $ 150,432,092     $ 239,674,892  
*Shares of Common Stock Issued (no par value)                                
Shares sold     9,450,000       7,300,000       350,000       1,600,000  
Shares redeemed     (6,050,000 )     (6,700,000 )     (750,000 )     (1,450,000 )
Net increase (decrease)     3,400,000       600,000       (400,000 )     150,000  

 

See Notes to Financial Statements

43

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Semiconductor ETF     Video Gaming and eSports ETF  
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
    Year Ended
September 30,
2022
    Year Ended
September 30,
2021
 
                                 
Operations:                                
Net investment income   $ 62,808,505     $ 34,765,102     $ 2,378,852     $ 441,491  
Net realized gain     657,047,620       1,661,280,446       11,309,332       97,749,751  
Net change in unrealized appreciation (depreciation)     (3,277,654,394 )     (254,053,014 )     (172,516,427 )     (77,257,187 )
Net increase (decrease) in net assets resulting from operations     (2,557,798,269 )     1,441,992,534       (158,828,243 )     20,934,055  
Distributions to shareholders from:                                
Distributable earnings     (38,500,125 )     (29,249,241 )     (20,504,040 )     (870,225 )
                                 
Share transactions*:                                
Proceeds from sale of shares     29,465,480,838       15,625,608,376       24,147,755       266,565,899  
Cost of shares redeemed     (27,175,192,549 )     (13,747,005,339 )     (213,552,026 )     (177,196,989 )
Increase (decrease) in net assets resulting from share transactions     2,290,288,289       1,878,603,037       (189,404,271 )     89,368,910  
Total increase (decrease) in net assets     (306,010,105 )     3,291,346,330       (368,736,554 )     109,432,740  
Net Assets, beginning of year     5,937,611,007       2,646,264,677       631,000,273       521,567,533  
Net Assets, end of year   $ 5,631,600,902     $ 5,937,611,007     $ 262,263,719     $ 631,000,273  
*Shares of Common Stock Issued (no par value)                                
Shares sold     116,050,000       66,350,000       400,000       3,850,000  
Shares redeemed     (108,800,000 )     (58,350,000 )     (3,650,000 )     (2,650,000 )
Net increase (decrease)     7,250,000       8,000,000       (3,250,000 )     1,200,000  

 

See Notes to Financial Statements

44

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Biotech ETF
    Year Ended September 30,
    2022   2021   2020   2019   2018
                     
Net asset value, beginning of year   $201.99     $162.01     $118.04     $136.11     $134.17  
Net investment income (a)     0.69       0.42       0.59       0.39       0.52  
Net realized and unrealized gain (loss) on investments     (61.67 )     40.17       43.85       (17.91 )     2.10 (b)
Total from investment operations     (60.98 )     40.59       44.44       (17.52 )     2.62  
Distributions from:                                        
Net investment income     (0.40 )     (0.61 )     (0.47 )     (0.55 )     (0.68 )
Net asset value, end of year   $140.61     $201.99     $162.01     $118.04     $136.11  
Total return (c)     (30.24 )%     25.13 %     37.71 %     (12.84 )%     2.00 %
                                         
Ratios to average net assets                                        
Gross expenses (d)     0.35 %     0.38 %     0.39 %     0.40 %     0.40 %
Net expenses (d)     0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net investment income     0.42 %     0.23 %     0.40 %     0.31 %     0.41 %
Supplemental data                                        
Net assets, end of year (in millions)   $414     $590     $485     $318     $476  
Portfolio turnover rate (e)     24 %     41 %     40 %     24 %     30 %
   
(a) Calculated based upon average shares outstanding
(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Periods after September 30, 2021 reflect a unitary management fee structure.
(e) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  45  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Digital
Assets
Mining ETF
     
    Period
Ended
September
30,
2022(a)
         
Net asset value, beginning of period   $33.43  
Net investment loss (b)     (0.06 )
Net realized and unrealized loss on investments     (21.05 )
Total from investment operations     (21.11 )
Net asset value, end of period     $12.32  
Total return (c)     (63.15 )%(d)
         
Ratios to average net assets        
Expenses     0.50 %(e)
Net investment loss     (0.50 )%(e)
Supplemental data        
Net assets, end of period (in millions)     $1  
Portfolio turnover rate (f)     39 %(d)
   
(a) For the period March 8, 2022 (commencement of operations) through September 30, 2022.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  46  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Digital Transformation ETF
         
    Year Ended
September
30, 2022
  Period
Ended
September
30,
2021(a)
                 
Net asset value, beginning of period     $22.81       $35.25  
Net investment income (b)     0.26       (c)
Net realized and unrealized loss on investments     (16.24 )     (12.44 )
Total from investment operations     (15.98 )     (12.44 )
Distributions from:                
Net investment income     (1.88 )      
Net asset value, end of period     $4.95       $22.81  
Total return (d)     (76.33 )%     (35.30 )%(e)
                 
Ratios to average net assets                
Expenses     0.50 %     0.58 %(f)
Net investment income     2.28 %     0.02 %(f)
Supplemental data                
Net assets, end of period (in millions)     $30       $46  
Portfolio turnover rate (g)     74 %     49 %(e)
   
(a) For the period April 13, 2021 (commencement of operations) through September 30, 2021.
(b) Calculated based upon average shares outstanding
(c) Amount represents less than $0.005 per share.
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) Not Annualized
(f) Annualized
(g) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  47  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Energy Income ETF(a)
    Year Ended September 30,   Period
Ended
September
30,
2020(b)
  Year Ended November 30,
   


2022
  2021     2019   2018   2017
                                                 
Net asset value, beginning of year     $54.25       $34.29       $51.20       $58.32       $68.49       $76.29  
Net investment income (loss) (c)     1.17       1.15       0.76       (0.39 )     0.09       0.42  
Net realized and unrealized gain (loss) on investments     3.67       21.90       (15.58 )     (1.42 )     (4.44 )     (2.25 )
Total from investment operations     4.84       23.05       (14.82 )     (1.81 )     (4.35 )     (1.83 )
Distributions from:                                                
Net investment income     (1.02 )     (1.37 )           (1.77 )            
Return of capital     (1.23 )     (1.72 )     (2.09 )     (3.54 )     (5.82 )     (5.97 )
Total distributions     (2.25 )     (3.09 )     (2.09 )     (5.31 )     (5.82 )     (5.97 )
Net asset value, end of year     $56.84       $54.25       $34.29       $51.20       $58.32       $68.49  
Total return (d)     8.79 %     68.88 %     (29.74 )%(e)     (3.66 )%     (7.16 )%     (2.67 )%
                                                 
Ratios to average net assets                                                
Expenses     0.48 %     0.46 %     0.45 %(f)(g)     1.41 %(h)     0.73 %(i)     0.86 %(j)
Expenses excluding interest and taxes     0.45 %     0.45 %     0.45 %(f)(g)     1.41 %(h)     0.73 %(i)     0.86 %(j)
Net investment income (loss)     1.95 %     2.43 %     2.17 %(f)(k)     (0.68 )%(h)     0.13 %(i)     0.55 %(j)
Supplemental data                                                
Net assets, end of year (in millions)     $31       $24       $20       $52       $45       $64  
Portfolio turnover rate (l)     21 %     24 %     24 %(e)     106 %     34 %     40 %
   
(a) On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b) The Fund changed its fiscal year-end from November 30 to September 30.
(c) Calculated based upon average shares outstanding
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) Not Annualized
(f) Annualized
(g) Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been higher.
(h) Includes income tax expense of 0.59% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(i) Includes income tax benefit of 0.11% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(j) Includes income tax expense of 0.04% related to the Fund’s tax status as a C-Corporation prior to its reorganization as a regulated investment company.
(k) Includes income tax expense of 1.56% and Adviser reimbursement of (1.56%). If the Adviser had not reimbursed the Fund, the ratio would have been lower.
(l) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  48  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Environmental Services ETF
    Year Ended September 30,
    2022   2021   2020   2019   2018
                                         
Net asset value, beginning of year     $143.18        $99.41        $104.25       $96.64       $86.02  
Net investment income (a)     0.56       0.36       0.46       0.46       0.42  
Net realized and unrealized gain (loss) on investments     (12.76 )     43.80       (4.83 )     7.47       10.98  
Total from investment operations     (12.20 )     44.16       (4.37 )     7.93       11.40  
Distributions from:                                        
Net investment income     (0.37 )     (0.39 )     (0.47 )     (0.32 )     (0.78 )
Net asset value, end of year     $130.61     $143.18     $99.41       $104.25        $96.64  
Total return (b)     (8.56 )%     44.50 %     (4.23 )%     8.30 %     13.36 %
                                         
Ratios to average net assets                                        
Gross expenses     0.62 %     0.71 %     0.85 %     0.81 %     0.98 %
Net expenses     0.55 %     0.55 %     0.55 %     0.55 %     0.56 %
Net expenses excluding interest and taxes     0.55 %     0.55 %     0.55 %     0.55 %     0.55 %
Net investment income     0.39 %     0.27 %     0.47 %     0.47 %     0.47 %
Supplemental data                                        
Net assets, end of year (in millions)   $68     $67     $31     $36     $24  
Portfolio turnover rate (c)     35 %     21 %     38 %     20 %     24 %
   
(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  49  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Gaming ETF
    Year Ended September 30,
    2022   2021   2020   2019   2018
                                         
Net asset value, beginning of year     $48.32       $39.14       $36.61       $39.76       $42.61  
Net investment income (a)     0.25       0.16       0.51       1.07       1.03  
Net realized and unrealized gain (loss) on investments     (15.48 )     9.24       3.25       (3.09 )     (2.80 )
Total from investment operations     (15.23 )     9.40       3.76       (2.02 )     (1.77 )
Distributions from:                                        
Net investment income     (0.35 )     (0.22 )     (1.23 )     (1.13 )     (1.08 )
Net asset value, end of year     $32.74       $48.32       $39.14       $36.61       $39.76  
Total return (b)     (31.72 )%     24.06 %     10.03 %     (4.73 )%     (4.51 )%
                                         
Ratios to average net assets                                        
Gross expenses     0.65 %     0.62 %     0.92 %     0.94 %     0.86 %
Net expenses     0.65 %     0.62 %     0.65 %     0.66 %     0.66 %
Net expenses excluding interest and taxes     0.63 %     0.62 %     0.65 %     0.65 %     0.65 %
Net investment income     0.63 %     0.32 %     1.41 %     2.92 %     2.24 %
Supplemental data                                        
Net assets, end of year (in millions)   $61     $118     $55     $24     $26  
Portfolio turnover rate (c)     16 %     20 %     29 %     20 %     31 %
   
(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

  50  

 

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Pharmaceutical ETF
    Year Ended September 30,
    2022   2021   2020   2019   2018
                                         
Net asset value, beginning of year     $72.68       $62.08       $56.93       $64.37       $57.75  
Net investment income (a)     1.32       1.29       1.06       1.04       1.01  
Net realized and unrealized gain (loss) on investments     (5.44 )     10.46       5.14       (7.37 )     6.62